Recently, Fujian Highton Development Co., Ltd. (“Highton Development” or the “Company”) issued a “Progress Announcement on the Acquisition of Dry Bulk Vessels by Wholly-owned Subsidiary”.
Fujian Daxing Shipping Co., Ltd. (“Daxing Shipping”), a wholly-owned subsidiary of Highton Development, purchased a dry bulk carrier from WALLACE NAVIGATION CORP at a price of US$24,750,000, with its own funds as the source of purchase. The subject vessel is named “Alpha Prudence”, with a deadweight of 17,8002 tons, completed and delivered in 2008, classed by American Bureau of Shipping (ABS) and flying the Greek flag.
Highton Development said that the transaction is a prudent decision based on the company’s operational and development needs, which further optimizes the company’s fleet structure, and at the same time can effectively enhance the company’s competitiveness and market share, strengthen its profitability, and is in line with the company’s future strategic planning.
According to the official website, Highton Development was established in March 2009, and has been focusing on domestic coastal and international ocean-going dry bulk cargo transportation business since its establishment. on March 29, 2023, Highton Development was listed on the Shanghai Stock Exchange. The company has a fleet of 51,000 dwt and 57,000 dwt Handymax dry bulk carriers.
In the first half of 2024, Highton Development acquired 10 new Handymax dry bulk carriers, and as of the end of June 2024, 8 of the vessels had been delivered. Upon the delivery of the other two vessels, the company will have 21 dry bulk carriers on long lease, 41 dry bulk carriers under its own management and 3 tankers, with a total bulk carrier-controlled capacity of 3.39 million DWT, and the scale of the capacity ranks the top among the companies engaging in dry bulk transportation in China.
